German Bund In A Bearish Turn

A bigger, five-wave recovery on Bund which started in 2018 can be finished, as price made a sharp turn lower from the 181.86 level. We labeled this turn as wave A/I, that is part of a minimum, three-wave reversal, and can now be followed by a corrective wave B/II. Possible resistance/reversal zone for B/II is at 175.7/177.0 level. That said, a new decline in five waves of a lesser degree, from potential resistance would suggest a corrective wave II or B as completed, and further weakness underway within a wave III or C.

German BUND, daily